When it comes time to move, there’s a lot to consider where your kids are involved. Moving is a major shake-up in their lives. Making them part of the process is essential for happiness. Parents continually check their kids are on board, and even let them select houses they’d like to view. Some even let the children add a point or two to the all-important house checklist. What better way to ensure they’re on-side?
But, the considerations shouldn’t stop there. For those with older children, it’s worth getting them even more involved in the process. After all, it won’t be so long until those kids are branching into the property market themselves. The more you teach them now, the better position they’ll be in down the line. This is especially important from a financial standpoint. Any financial understanding they gain will help them understand how much they need before moving out becomes a reality.
To ensure you teach the right lessons, we’re going to look at a few of the different factors you should let them be a part of.
Choosing a location
You can’t move to a new area because your child tells you to. But, giving them a list of cities you’re considering could be useful. That way, you can leave them to research, and see if they find the cheapest area on your list. You’ll want to work this out on the side, of course. But, if your child reaches the right answer, they’re sure to learn a valuable lesson. There’s no getting around the fact that prices vary across postcodes. And, during their research, your child is sure to discover this. Thus, when it comes time to buy for themselves, they’ll know to do similar research.
The value of a home
The chances are that it won’t take much convincing to get your kids online and searching for houses. This is the best part of the house hunt for children. So much possibility, and the chance to have a sneak peek inside other people’s homes! But, as well as having fun with this, it’s worth giving your older kids some idea of pricing. That way, they can factor cost in when looking, and gain some insight into how much properties are worth. Of course, pricing will have changed by the time they come of age, but showing them the good, the bad, and the ugly of the current market will help them understand it later on.
The hidden costs
It’s also worth keeping your teens informed of the hidden costs of buying. Sit down with them while you use something like this stamp duty fee calculator. Explain how stamp duty works, and explain why everyone has to pay it during the buying process.
Explain, too, about estate agent fees, and costs such as moving companies and so on. It may be harder to get them interested in this, but this it’s the stuff they’re sure to remember when they embark on their own home buying journey.
Good tips! Thanks for sharing!